Most homes have some degree of deferred maintenance, but let’s talk about those items that are worn out or broken that you have procrastinated because you are too lazy…or because you don’t really want to invest money into those items right now, especially since they still work,…sort of,… or they are not really pressing.
Someone asked me to offer a guess as to the value of their home awhile back, which I reluctantly did. They gasped when I blurted out an approximate value because it was much lower than they expected. Out of kindness, I did not elaborate the reason for my low evaluation, but it was simply because the property was run down in almost every way. Sure, it was a solid structure, but the siding had not been painted for many years and was droopy because of moisture damage. There were signs of water damage on interior surfaces because of a leaky roof. It had not seen new paint for many years and the landscaping and yard were a mess. I could go on, but to say this property needed a major renovation will suffice.
If the siding on this house had been properly caulked and painted in a timely manner, the siding may not have needed total replacement. Instead it may have just needed a fresh coat of paint. Regular routine maintenance can save thousands of dollars in the long run! When you notice spots of peeling paint, take care of that immediately instead of waiting until the trim boards are weathered or rotten and need replacement. My point in telling this story is that it pays to keep up on the up keep!
In a recent sales transaction the seller was repeatedly surprised by the high cost of repair bills for work requested by the buyer. The seller could not afford to pay for these items all at once so he maxed out credit cards to accomplish the required repairs. If it had failed to close, the owner may have been in serious financial jeopardy. If the seller would have continually maintained the property, they may have been less stressed at point of sale.
Items that are frequently called out on inspection reports for repair are; peeling paint, broken seals or broken glass in windows, cracked chimney liners, failed septic systems or well pumps, double tapped or loose wiring and uncovered electrical boxes, etc, etc. Don’t wait until you sell to fix it! Lenders and buyers don’t like “as is”! Do it now!